Even if “wages are rising fast,” as Trump said, these necessary costs are eating into many households' bottom lines.
President Donald Trump touted the country’s economy in his State of the Union address Tuesday night, saying low and moderate-income workers were seeing some of the biggest benefits.
Poorer families spent a far larger chunk: Families making under $1,500 a month shelled out nearly 40% of their income to child-care expenses, compared to less than 7% from families earning more than $4,500 a month. Trump called on lawmakers to pass the “Advancing Support for Working Families Act,” a bill that would give families a $5,000 maximum advance on their child tax credit to use for leave or child-care costs during a newborn’s first year.
In fact, almost one-third of six-figure households making between $100,000 and $499,000 had the same affordability problems too.Trump noted in his State of the Union speech that last year was the first time in decades that prescription drugs prices decreased. As of mid-2019, prescription drug costs had dropped 1.2% year-over-year — the biggest 12-month drop since 1972.
In November, the pace of home-price appreciation accelerated for the second straight month, according to the S&P CoreLogic Case-Shiller home price index. The rise in home prices has been fueled by a combination of high demand among home buyers and record low numbers of homes for sale. College costs have been on the rise — but are increasing slower Higher education is also a major expense, and while some analyses says costs have steadied over the years, other research says low-income borrowers can bear the brunt of student loan debt.
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